Supermarkets and other retail outlets that sell money orders for a vendor (and receive service fees) refuse to cash that vendor's money orders purchased from the same or other outlets.
Many banks and other financial institutions--even those selling money orders for service fees--refuse to cash money orders for individuals who do not have accounts in their bank or financial institution.
Many elderly and young people who receive money orders do not have checking or savings accounts.
Even for individuals with checking and savings accounts, it is more convenient to cash a money order at a local market (because of 24-hour or weekend hours) than take time to go to their bank, credit union, etc. during weekday working hours.
While there are numerous outlets for purchasing money orders, there are few unrestricted outlets for cashing money orders. This causes great inconvenience, expense and stress. It also amounts to a giant consumer rip-off.
Legislation should require financial and retail outlets to honor the products and services they sell.
Any financial or retail instiution selling a brand or brands of money orders should have to cash money orders of the same brand/s.
If a financial or retail institution selling money orders establishes a cash limit (will not cash money orders above a certain amount), that same institution should not be able to sell money orders above that same amount. (16 MAY 1999)
